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<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form 425</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed
pursuant to Rule&nbsp;425 under the Securities Act of 1933, as amended.</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed
by: The Thomson Corporation</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject
Company: Reuters Group&nbsp;PLC</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange
Act File Number of Subject Company: 333-08354</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note:
The following is a transcript of a presentation given jointly by The Thomson
Corporation and Reuters Group&nbsp;PLC today at 8:30 am, New York/Toronto time.
The filing of this transcript under Rule&nbsp;425 shall not be deemed an
acknowledgment that such a filing is required or that an offer requiring registration
under the Securities Act of 1933, as amended, may ever occur in connection with
the possible business combination transaction described herein.</font></p>

<p style="margin:0in 0in .0001pt 2.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Explanatory
Note: </font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following is a transcript of a question and answer (Q&amp;A) session from a
presentation given jointly by The Thomson Corporation and Reuters
Group&nbsp;PLC today at 8:30 am, New York/Toronto time. A transcript of the
management presentation given at 9:30 am, London time (along with the related
Q&amp;A session), was previously filed on Form 425. The two management
presentations are substantially identical.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THOMSON-REUTERS<br>
CONFERENCE CALL</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tuesday, 15 May 2007 @ 08:30am New York/Toronto time</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">QUESTION AND ANSWER SESSION</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Andrew Mitchell (Scotia Capital)</font></b>:&#160; Just
three areas of interest. I wonder first off if you could outline a little more
in the anti-trust process just giving us a sense of the key hurdles and
timelines, and your level of comfort in attaining clearance. Then two other
areas after that.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer</font></b>:&#160; I will jump in here. There is not a lot more
I can say. We will be making preliminary contact with the anti-trust
authorities just to map out the process and give them the benefit of timing. Then
it is very much up to them as to the pace at which we proceed. I think we
obviously all think that this is a transaction that can be completed and can be
completed as structured, but I don&#146;t think there is much more we can say today
specifically on the timing of obtaining those approvals.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Andrew Mitchell</font></b>:&#160; Okay. I will head to the next area then. On
the synergy side, I wondered if you could give us a sense of what restructuring
charges might be required to deliver the $500 million-plus in synergies, a
little more may be on the level of complexity involved in getting to them, and
what we should be thinking about as the capex to revenue during that
restructuring period of 2008-2010 for the combined company capex to revenue run
rate?</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo</font></b>:&#160; As usual you ask challenging questions! In
terms of the synergies restructuring charges, you will recall that I said these
are net synergies, which means that net against them are what might be some
dys-synergies and we really do not have those fully quantified at this point. However,
I would say that traditionally our ratio has been $1 expense to $1 of savings,
although because we have these revenue dys-synergies</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I
would say it would be higher than that: it could be from $1-$1.50 of cost for
the savings we have identified net.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Andrew Mitchell:</font></b>&#160; Would that include both capex and pre-tax
charges?</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; Yes, it would include all costs. Then as far
as the capex to revenue is concerned, in the steady run rate of the business,
not unremarkably for both Thomson and Reuters, because our companies have such
compatibility, our capital:revenue is roughly about the same at around 7%. I
know that you are not asking that, you are asking how high could it go during
this integration period. I could not answer that question because we have not
yet said how much of these one-time costs are capital versus expense or other
items. Therefore, I cannot answer that as clearly as you might like today.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Andrew Mitchell:</font></b>&#160; The final area is one on which you touched a
couple of times concerning growth and revenue synergies. Am I to take it that,
at this point, we shall not hear much about that strategy specifically,
particularly with the anti-trust hurdles to clear?</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dick Harrington:</font></b>&#160; I think we are looking at growth and cost
synergies across the total organisation. If we look at the news service and
what that can deliver, or legal, scientific or healthcare, we believe there are
opportunities for us to create better products and services using the
combination of all the content and all the technology to all our customers,
regardless of what particular market they are in.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; You are right, Andrew, that the $500 million
does not include any estimation of revenue synergies.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Andrew Mitchell:</font></b>&#160; Okay and is there a later date when we shall
probably hear more specifically about that when you are more comfortable with
the strategy?</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; Andrew, as has been our practice in the past,
when we know something and have a good understanding of it, we shall let you
know.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dick Harrington:</font></b>&#160; I just want to clarify that we are very comfortable
with the strategy, it is just not something on which, at this stage of the
game, we are prepared to go into detail.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Frank Golden:</font></b>&#160; Before we take the next question, I would
like to ask the operator if she would remind the participants as to how they
can ask questions.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tim Casey (Bank of Montreal):</font></b>&#160; I have a couple of questions. Going
back to the synergies, can you talk a little about more unworthy areas of cost
savings that are coming and, on an order of magnitude basis, can you break it
down in terms of headcount reduction, network consolidation, facilities
consolidation, just to give us some comfort as to how you will get there. Bob,
I have a question for you on net debt. The pro forma number is a little less
than 7.5 but I gather that that does not include proceeds from Prometric and
NETg. Both companies will be generating free cash flow between now and the
close, so when you finally close the deal is the number more like $6 billion,
and could you comment on what you think the effective borrowing rate will be
going forward?&#160; Thanks.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; Let me take this in bite-size portions. First,
in terms of our debt, I would remind you that we have a significant amount
coming in from the sale of Thomson Learning. Rather in terms of the absolute
value of debt, I would much rather </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">talk
about the kind of target ratios we are looking at. As a pro forma today, we are
at about 2.6 times EBITDA in the pro forma company, and when we look at Thomson
and Reuters and we look at the quality of our ratings, we are in the S&amp;P
sense A- in Thomson and BBB+ in Reuters, and we feel going forward that that
kind of range is right for us.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You
are right that we have significant cash generation capabilities in this business,
and we believe that the right balance for capital strategy going forward is to
be in that range whether it is A- or BBB+. That kind of quality gives us the
ability to do things going forward, because the whole idea of putting these
businesses together is to grow them, so we want to make sure that we have the
fire power to do that. Therefore, we target more around that than a specific
debt number.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
far as the synergies, you are asking questions that are well beyond anyone&#146;s
ability to answer right now. What we are talking about here is that we have sat
down and have an understanding of where these areas might be, and the usual
suspects are that we have opportunities in technology, product development,
customer support, certainly in facilities and G&amp;A in both companies. We are
working through these very carefully and we are not in a position to comment,
nor would we want to, at this time on the specifics beyond giving you this
broad number as an indication of where we think we can go and probably we are targeting
to exceed.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; Based on the experience of both companies in
taking costs out of the single side, the Reuters experience over the last five
years has been that we have taken $1.8 billion out of the annual run rate of
the company&#146;s cost base. We have said that we shall take out in excess of $500
million, because we are very confident that we can achieve that and we have
some optionality, different routes we can take, on which Bob and I shall be
working very closely.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Randal Rudniski (Credit Suisse):</font></b>&#160; I
have two questions. First, I want to be crystal clear as far as the dual listed
shares. Do these two shares each represent the same underlying assets, i.e. the
financial assets but also the legal, regulatory, tax etc.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; Randy, the way to think about it is you have
these two legal entities, as I explained, that have equal economic rights into
the combined business. So a share of Reuters plc has the same rights to all of
the businesses, both the financial, legal and regulatory, as well as a share of
the Thomson-Reuters Corporation has equal rights to all the financial economics
including Reuters here.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Geoff Beattie:</font></b>&#160; The simple way is that they are identical in
every respect.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Randal Rudniski:</font></b>
Okay that is great. Secondly, there will be a shareholder vote both at Thomson
and Reuters, particularly on the Thomson side. Will the shareholders be voting
specifically to approve the adoption of the Reuters Trust Principles and
Founders Share Company, or are there other elements they will vote on?&#160; What level of vote will be required to pass
that change?</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo</font></b>:&#160;&#160; The more appropriate way to look at it is
that the shareholders of Thomson, which will obviously be spearheaded by
Woodbridge, have agreed to vote in favour of the transaction as we presented it
in all respects.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Randal Rudniski:</font></b>&#160; So is it a majority of the minority?</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b>&#160; No, it is a straight shareholder vote, so you
can draw the conclusion that it will be successful.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Karl Choi (Merrill Lynch):</font></b>&#160; The question I have is perhaps
more for Dick. I know it is a long-term transaction that will transform the
company but, at the same time, it makes the company a little more cyclical. I
wonder what your thoughts are on that&#160;
theme and also is there any concern that we are more towards the latter
stage of a cycle when you are trying to bulk up your exposure to Financial.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dick Harrington:</font></b>&#160; Karl, I would say that the financial markets
have a great deal of room ahead of them. If you look at the different types of
assets, the way it is moving with different asset classes, also if you look at
the expansion geographically as you start to look at China and India, from the
industry point of view there is a lot of expansion in the industry. From the
strategic point of view of Thomson Corporation, our strategy was to be a global
information services company for the business of professional markets, and we
feel that this is a sweet spot. Over time, professional markets will continue
to grow and you will look at three things: when you look at the footprint we
get with Reuters, you look at the brand and you look at the news service, all
those things can be utilised across our existing assets, and you can only make
them better. So this is a great opportunity for the Thomson Corporation, we are
very pleased with the markets we are in and we believe there is still a lot of
runway there.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Karl Choi:</font></b>&#160; I know it is still early yet, but is there
any early read from customers as to what their reaction is?</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; On the Reuters side, we share with Thomson
Financial the same customer identities. Over the past week or so, as word had
leaked about the potential to do a transaction, I have been hearing very
positive reaction. The view is that by putting these two groups together with
the complementary assets and teams, we can bring new products to market, we can
provide much more effective competition in the market, so early reaction could
not be more favourable.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Karl Choi:</font></b>&#160; Finally, I know you mentioned you will do
whatever it needs to get the deal done but is there any sense, if the
regulators require some sort of divestitures, of a limit as to how much each
company may or may not do to get the deal done?</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tom Glocer:</font></b>&#160; Looking at it from all the analysis we have
done and much has been done on both sides, we do not think it would be
appropriate or necessary to have any divestitures for this to go through, given
how wide open this industry is in modern times. There is no specific percentage
set forth, or no specific limit, because we just do not believe it is
realistic.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Drew McReynolds (RBC Capital Markets):</font></b>&#160;
Thanks very much and congratulations. Just two follow-up questions. First,
Bob, I think you mentioned in the presentation dividend is still an important part
of the picture. Can you comment on whether anything changes going forward with
respect to that policy as well as other uses of free cash flow going forward,
including tuck-in acquisitions as you have conveyed over a period of time?&#160; Lastly, on the scientific and healthcare
businesses which are obviously a smaller part of the bigger picture, has
anything changed with respect to commitment to those businesses?</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Geoff Beattie:&#160; </font></b>Let me just stress the dividend policy point
because obviously that is the responsibility and role of the Board of Directors
and you can take </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">comfort
from the fact that Woodbridge did not interrupt their dividend policy for more
than 30 years and we consider this, as Bob said, a very integral part of
delivering total shareholder value, and I do not expect under the circumstances
that the Board will be taking a different view of that going forward.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bob Daleo:</font></b> In
terms of our use of free cash flow relative not only to dividends but to
acquisitions, as I said before we are making this combination to grow, so we
intend to continue to dedicate, as we have in the past, a substantial portion
of the cash that we generate to redeploy back into the businesses. That would
include the kind of acquisitions we have done in the past, and we contemplate
in doing this transaction that we will leave ourselves the capability to
continue to do that, supporting the growth in our professional group while we
integrate the financial group.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
respect of scientific and healthcare, they are still large businesses earning
half a billion dollars with terrific margins and good growth rates, but the
fact that they are a smaller part of a bigger pie does not affect our thinking
in terms of their value and long term capabilities.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Frank Golden:</font></b>&#160; Thanks very much, Bob. That will be our final
question and that will conclude our call. We would like to thank you all for
your participation today.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>End of call</i>]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">***</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT
FUTURE RESULTS</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This presentation includes forward-looking
statements, such as Thomson&#146;s and Reuters&#146; beliefs and expectations regarding
the proposed combination of the two businesses. These statements are based on
certain assumptions and reflect Thomson&#146;s and Reuters&#146; current expectations. Forward-looking
statements also include statements about Thomson&#146;s and Reuters&#146; beliefs and
expectations related to the proposed transaction structure and consideration,
benefits that would be afforded to customers, benefits to the Combined Business
that are expected to be obtained as a result of the Transaction, as well as the
parties&#146; ability to enhance shareholder value through, among other things, the
delivery of expected synergies. There can be no assurance that the proposed
transaction will be consummated or that the anticipated benefits will be
realized. The proposed transaction is subject to various regulatory approvals
and the fulfillment of certain conditions, and there can be no assurance that
any such approvals will be obtained and/or such conditions will be met. All
forward-looking statements in this presentation are subject to a number of
risks and uncertainties that could cause actual results or events to differ
materially from current expectations. These risks and uncertainties include:
the ability to achieve the cost savings and synergies contemplated through the
proposed Transaction; the failure of Reuters shareholders to approve the
proposed Transaction; the effect of regulatory conditions, if any, imposed by
regulatory authorities; the reaction of Thomson&#146;s and Reuters&#146; customers,
employees and suppliers to the proposed transaction; the ability to promptly
and effectively integrate the businesses of Thomson and Reuters; and the
diversion of management time on proposed Transaction-related issues. Additional&#160; factors that could cause actual results or
events to differ materially from current expectations are discussed in Thomson&#146;s
and Reuters&#146; respective materials filed with the securities regulatory
authorities in Canada, the United Kingdom and the United States (as the case
may be) from time to time including The Thomson Corporation&#146;s 2006 Annual
Report on Form 40-F and Reuters Group PLC&#146;s 2006 Annual Report on Form 20-F,
each of which has been filed with the US Securities and Exchange Commission
(SEC). Any forward-looking statements made by or on behalf of Thomson or
Reuters speak only as of the date they are made. Thomson and Reuters each
disclaim any intention </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADDITIONAL INFORMATION</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This presentation does not constitute an offer for
sale of any securities or an offer or an invitation to purchase any such
securities. Following satisfaction or waiver of the pre-conditions to the
proposed transaction, documents relating to the proposed transaction will be
furnished to or filed with the SEC. Shareholders are urged to read such documents
regarding the proposed transaction if and when they become available, because
they will contain important information. Shareholders will be able to obtain
free copies of these documents, as well as other filings containing information
about the companies, without charge, at the SEC&#146;s web site at www.sec.gov, at
the Canadian securities regulatory authorities&#146; web site at www.sedar.com (in
the case of Thomson) and from Thomson and Reuters. These documents will also be
available for inspection and copying at the public reference room maintained by
the SEC at 100 F Street, N.E., Washington, D.C. 20549, US. For further
information about the public reference room, call the SEC at +1 800 732 0330.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-GAAP financial measures (including pro forma
financial information)</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This presentation contains disclosures of
certain non-GAAP financial measures. Please see the &#147;Investor Relations&#148;
sections of <i>www.thomson.com </i>or <i>www.reuters.com</i> for a reconciliation of
each of these measures to the most directly comparable GAAP financial measure.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pro forma financial amounts for 2006 included
in this presentation are derived from the published financial statements of The
Thomson Corporation and Reuters Group plc for the year ended 31 December 2006
and the first quarter 2007 results announcement of the Thomson Corporation.
Thomson prepares its financial statements under Canadian generally accepted
accounting principles (&#145;Canadian GAAP&#146;) and Reuters prepares its financial
statements under International Financial Reporting Standards (&#145;IFRS&#146;). Canadian
GAAP and IFRS differ in certain significant respects. For the purposes of this
presentation, amounts determined under Canadian GAAP and IFRS have been
aggregated without any adjustment for differences in accounting policy or application.
Accordingly, pro forma information for the combined business prepared on a
consistent basis under either Canadian GAAP or under IFRS could differ
significantly from the pro forma information presented herein.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition this pro forma information does
not constitute Pro Forma Financial Information as it is defined in Article 11
of Regulation S-X of the United States Securities and Exchange Commission.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Both Thomson and Reuters use &#145;non-GAAP&#146;
measures to provide additional information to shareholders on the performance
of their businesses. Amounts included in this presentation for EBITDA, EBITA,
free cash flow and net debt are based on the closest similar measures reported
by Thomson and Reuters. While certain adjustments have been made to align the
measures to the extent possible using public information, there can be no
assurance that those measures are in fact comparable.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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